Not even in my wildest dreams would I have imagined something as abstract as what they call Non Fungible Tokens or NFTs, the latest novelty in the world of cryptocurrencies, or maybe smart contracts? The truth is that since the world discovered that you can make a lot of money by combining a little artistic creativity, blockchain and madness you can become a millionaire by encouraging people to give what they don't have to buy something unique that they don't need.
I don't know who was the first one who thought it was a great idea to sell people intangible creations: first cats, then drawings of punk kids or items to decorate a little house in a virtual game but it seems to me that he should be given credit for being the best shit seller in history, at least since the one who created Pokemon Go.
I understand that in the future this NFTs thing seems like a natural process for commercial transactions of those goods that may be considered rare or unique, but in all honesty what we are witnessing is more akin to what we see in movies about the wild west mixed with a bazaar of illegal items.
I understand very well the "let do, let pass" philosophy that reigns in DeFi and NFTs, of course I agree that in the control of centralized institutions is where the dominance of the elites over the majorities reigns, but I keep thinking that this type of business is getting out of hand and is attracting certain activities that can be described as illegal.
It is that so far as much as I think about it I do not know how through the NFT can be avoided that capital from the world of drugs, human trafficking or tax havens are prevented from appropriating this system within the crypto world to find refuge among the variety of collectibles 2.0.
On the other hand, what happens if someone takes an oto-author's work and turns it into NFTs, what about copyrights, is that covered by smart contracts, what happens to authors if their works are resold at exorbitant prices, what happens to authors if they are resold at exorbitant prices?
Evidently, as long as NFTs continue to set records that show that this market is very similar to the behavior of bubbles, few will want to delve into the challenges presented by this third way in the world of cryptos. As I have already said in a previous opportunity, it is obvious that NFTs are here to stay, however, this means of trading intangible goods still produces uncertainty and a lot of distrust.